Cboe Speeds Up Auction Responses for Smoother Trading
Published Date: 10/3/2025
Notice
Summary
Cboe Exchange is updating how it handles auction responses to make trading smoother and more efficient for everyone involved. This change affects traders using Cboe’s special auction systems and aims to speed up processing without extra costs. The new rules are up for review now, so expect these improvements to roll out soon after approval.
Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
Longer Auction Processing Window (1000 ms)
Cboe proposes to allow its system to keep processing auction responses after an auction ends so that the auction response period plus any post-auction processing may total up to 1000 milliseconds for all non-FLEX option classes (including SPX). The change was filed September 30, 2025 and is open for comment through October 24, 2025.
FLEX Auctions Not Covered
The proposed change would not apply to any FLEX auctions; FLEX auctions can last much longer (the rules describe FLEX auctions that may last three seconds to five minutes), so the expanded post-auction processing time would be excluded for FLEX classes. Cboe explicitly proposes the longer 1000 millisecond processing limit only for non-FLEX classes.
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